ISLAMABAD: The International Monetary Fund (IMF) will consider “Pakistan - combined seventh and eighth reviews under the extended arrangement under the Extended Fund Facility (EFF); request for waivers of nonobservance of performance criteria, and for extension, augmentation, and rephasing of access” on August 29. The Fund updated its website according to which the board meeting will be held on August 29.

The board would consider the agenda “Pakistan - Combined Seventh and Eighth Reviews Under the Extended Arrangement Under the Extended Fund Facility; Request for Waivers of Nonobservance of Performance Criteria, and For Extension, Augmentation, and Rephasing of Access”.

After the board’s approval, Pakistan will receive around $1.177 billion. The IMF team reached a staff-level agreement (SLA) with the Pakistan authorities last month for the conclusion of the combined seventh and eight reviews of the EFF-supported programme.

IMF says Executive Board meeting set for August 29

The agreement is subject to approval by the IMF’s Executive Board. Subject to the Board approval, about $1,177 million (SDR 894 million) will become available, bringing total disbursements under the programme to about $4.2 billion.

Additionally, in order to support programme implementation and meet the higher financing needs in fiscal year 2023, as well as catalyze additional financing, the IMF Board will consider an extension of the EFF until end-June 2023 and an augmentation of access by SDR 720 million that will bring the total access under the EFF to about $7 billion.

Copyright Business Recorder, 2022